Foster Wheeler gets limited notice to proceed in Korea

2:52 PM, 17th June 2011

ZUG, SWITZERLAND: Foster Wheeler AG’s, Global Power Group subsidiary has been given a limited notice to proceed (LNTP) by Hyundai Engineering and Construction for the design and supply of four supercritical circulating fluidized-bed (CFB) steam generators for the Samcheok Green Power project for Korea Southern Power Co Ltd (KOSPO), the owner and developer of the project.

The terms of the agreement were not disclosed and the value will be included in the company’s second-quarter 2011 bookings. Foster Wheeler expects to finalize the contract and to receive full notice to proceed in June, at which time the full value of the contract would be booked. Commercial operation of the new steam generators is scheduled to begin in June 2015.

Foster Wheeler will design and supply four 550 MWe (gross megawatt electric) supercritical CFB steam generators and provide site advisory and commissioning services for the project. The CFB steam generators will be designed to burn coal mixed with biomass while meeting all environmental regulatory requirements.

“This project, the first Foster Wheeler supercritical CFB steam generators to be supplied into the Korean power market, represents a new era of green power generation for the future in Korea,” said Gary Nedelka, CEO - Global Power Group, Foster Wheeler.